July Jobs Report: Positive, Too Positive

There were zero surprises in the July Jobs Report. Net new jobs came in at about what the experts expected, 215,000, with small upward adjustments of the numbers for the two previous months. Wages were up very slightly. Workforce participation and the official unemployment rate (5.3%) were unchanged.

But you know the drill: good news, however modest, is actually bad news, because it means night terrors among central bankers about the awful specter of non-existent but potential inflation, all seven deadly sins combined. And so we read this buzzkill from Business Insider‘s Myles Udland:

The big implications of Friday’s report is that another month of job gains over 200,000 could further convince markets that the Fed is ready to raise interest rates — it could do so as soon as September.

No good economic deeds can go unpunished, eh?

Ed Kilgore

Ed Kilgore, a Monthly contributing editor, is a columnist for the Daily Intelligencer, New York magazine’s politics blog, and the managing editor for the Democratic Strategist.